About Citibank

Citibank in Australia is part of Citigroup, one of the world's largest financial services organisations. Citibank commenced consumer operations in Australia in 1985 when it was the first foreign bank to be granted a banking licence.
By combining local expertise with the strength of Citibank's worldwide consumer banking network, they’re able to offer not only a sophisticated range of products by Australian standards, but some of the world's leading range of financial services including deposit accounts, foreign currency deposits and investments, credit cards, mortgages and insurance.

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Standard Variable

Repayments calculated to take into account ongoing monthly and anual fees.

Monthly repayment*

$1,981

rate per annum

4.53%

Loan to Value Ratio

Borrow up to the maxium of 90% of the value of the property.

Lenders Mortgage Insurance, or LMI, will be payable on most loans where the borrowings are greater than 80% of the value of the property.

However, you may be able to capitalise LMI into your loan, increasing the overall loan amount by about 2% (in order to cover the cost of the insurance). Contact a loan market broker to find out how LVR and LMI might impact the cost of your loan repayments.

Availability

Eligibility

The level of financial documentaion and credit history required to apply for the loan.

Financials

Full Doc

Credit History

Conforming

Genuine Saving

Required

Offset Account

Save on interest repayments by holding spare cash in an offset account.

Offset account

No

Redraw Facility

Get quick access to cash by drawing on the loan to pay for renovations or other purchases.

Redraw Facility

Yes

Min Redraw

$0

Redraw fee

$0

Banking Features

Given the wide range of loans on offer – with different interest rates, product features and fees – it pays to shop around to find the loan that fits your needs and circumstances. Some loans offer features that may be appropriate for your situation and result in savings over the life of the loan.

Some features you may wish to consider include:

an offset account;

ability to make extra repayments;

a redraw facility; and

linked credit card and savings accounts;

ability to split your loan between fixed and variable interest rates

Offset Account

No

Redraw Available

Yes

Credit Card

Yes

Internet Banking

Yes

Telephone Banking

Yes

BPay Option

Yes

Portability of Loan

Yes

Professional Pack

Yes

Check Account

Yes

Direct Salary Credit

Yes

Free Transactions

Yes

Minimum Redraw

No

Redraw Fee

No

Repayments

You can make your repaments Fortnightly, Half-Monthly, Monthly, and Weekly.

Interest Only Option

Yes

Max Interest Only

7 years

Upfront Fees

Upfront fess associated with estabilishing the loan. Other loan set-up fees, such as valuation fees and lender's mortgage insurance, and Government charges, such as registration fees and stamp duty on property transfer, have not been included. These will be determined after application.

Total

$250

Settlement

$250

Ongoing Fees

Monthly and annual fees and charges during the loan period.

Total

$350

Ongoing Yearly

$350

Exit Fees

Fees associated with prematurely ending the loan.

Total

$350

Exit

$350

Early Repayment

$0

Switch To Fixed

$0

Notes

For clients who want to tap into the equity of their property to create wealth through acquisition of investments.
Repayment options  Interest only for first 7 years
Security  First mortgage over an acceptable residential property (OOC or INV)
Statements issued monthly.
Product may be combined with a Standard Variable Mortgage or Standard Fixed Mortgage
Citibank Mortgage Plus is a package that includes a discounted home loan interest rate, an eligible Credit Card with zero or reduced annual fees and a Citibank Plus account.
Package Eligibility:
1. Loan facility of at least $150K
2. An eligible Credit Card held by at least one of the borrowers
3. A Citibank Plus account held by at least one of the borrowers
4. Personal, company and trust borrowers only (excludes overseas borrowers)
5. Self-Certified loans are excluded
Eligible Credit Cards:
- Platinum Citibank Rewards Credit Card ($0 annual fee)
- Signature Citibank Rewards Credit Card ($0 annual fee)
- Select Citibank Rewards Credit Card ($350 annual fee)
Credit Card Benefits:
- Limit up to $6K
- Up to 55 days interest free
- A reward program with reward points that never expire
- Complimentary International Travel Insurance
Citibank Plus Account Benefits:
- No monthly account keeping fees
- Fee free withdrawals at over 3,000 Citibank ATMs across Australia
- The option to open up to 3 linked savings accounts

LVR Notes

For loans with an LVR over 80% LMI will be required. Maximum LVR up to 90% plus LMI. Maximum loan amounts are subject to Location Classifications, see Residential Credit Guidelines. Acceptable Residential Vacant Land: Not more than 2 hectares. Maximum LSR 80% in Citi Zone 1, and 65% in Citi Zone 2 (with no LMI).Please refer to Credit Guidelines for max loan amounts for vacant land and for further security restrictions applicable.

Notes

For loans requiring LMI: Where the LSR is above 85%, the borrower must provide at least 5% of the purchase price from genuine savings.
For loans not requiring LMI: While there is no genuine savings requirement, applicants will have to provide evidence of funds to complete the transaction. The funds can be:
- Gifts  a statutory declaration is required stating that the funds is gift and is not required to be repaid.
- Borrowed  must be included in the serviceability calculation.

Monthly repayments are calculated to take into account the loan amount, repayment term and ongoing fees and charges over the life of the loan.

Variable rate loans show the monthly repayments at the current rate.

Fixed rate loans show the monthly repayment during the fixed period only.

Monthly repayment calculations are an approximate guide only. Speak to a LoanMarket Mortgage broker to understand the exact cost of a loan given your particular circumstances.

**Comparison Rates

A comparison rate is a tool to help consumers identify the true cost of a loan. It factors in the interest rate, loan amount, repayment term and ongoing fees and charges and displays this as a single percentage rate that can be used to compare various loans from different lenders.

Monthly Repayment and Comparison Rate* calculations do not include:

The use of account features such as early repayments and offset accounts which vary widely among loans and can reduce the cost of a loan significantly.

Cost savings such as fee waivers or special rate discounts.

Fees and charges associated with loan options or events that may or may not be used by the borrower, such as early repayment or redraw fees

Lenders Mortgage Insurance (LMI) which may be required to secure the loan and can increase the cost of the loan.

Government charges such as stamp duty or mortgage registration fees.

Fees and charges which aren’t available at the time the comparison rate is provided